President Trump appointed a top economic adviser to the Federal Reserve Board on Thursday, following months of pressuring Fed Chair Jerome Powell to resign or urging the board to force rate cuts.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026,” Trump said in a statement. “In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!”
Miran will replace Biden appointee Adriana Kugler on the Fed board. Trump, 79, has slammed Chair Jerome Powell, 72, for not cutting interest rates despite inflation being near the Fed’s 2% target. Powell, whose term ends in May, has refused to resign, citing concerns over President Trump’s tariffs.
Dr. Miran is an American economist who holds a Ph.D. from Harvard University, has served as a senior strategist at Hudson Bay Capital Management, and is known for his advocacy of tariffs to address trade imbalances.
🚨 BREAKING: President Trump announces he’s chosen Dr. Stephen Miran to fill the vacancy on the Federal Reserve Board of Governors after a Biden appointee quit
There’ll now be more pressure from INSIDE the Federal Reserve for Powell to LOWER THE RATE! pic.twitter.com/4hwF9YDkgl
— Nick Sortor (@nicksortor) August 7, 2025
